Chinese stainless steel prices soar on production cuts

Chinese stainless steel prices in both the domestic and export markets increased sharply in the week ended Wednesday September 8 from the prior week, with tighter supply due to production cuts at domestic mills providing support.

Domestic
Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 19,500-20,000 ($3,017-3,094) per tonne, up by 1,000-1,200 yuan per tonne from a week earlier
A major steel mill based in southern China’s Guangdong province cut production by one third, about 100,000 tonnes, in September to meet local government’s requirement of reducing carbon emissions, market sources told Fastmarkets.

“The lower production makes the tight...

Published

Jessica Zong

September 09, 2021

04:26 GMT

Shanghai